Who says that real estate is all about location, location, location? If you're thinking of buying or selling East Fort Lauderdale real estate, it's equally important to understand the market conditions and recent trends. Here's a quick overview of what's happening with East Fort Lauderdale homes for sale right now. Keep in mind that conditions can change rapidly, so it's always best to consult with a professional before making any decisions.
Why are people moving to Fort Lauderdale?
Fort Lauderdale is a relaxed place to live because it has a lot of great restaurants and bars, it's close to the beach, and it's a great place to raise a family. For these reasons and more, the city is listed among the top 10 for Niche.com's 2022 "Best Cities to Retire in America
." Residents appreciate the diversity of the city's population, its nightlife, and its outdoor activities.
East Fort Lauderdale homes for sale are in the beachfront area of the city, which is very popular with vacationing visitors. Buyers are drawn to East Fort Lauderdale real estate for its gorgeous beaches with stunning ocean views. This area is also especially popular for its nightlife and shopping
. Be sure to check out Elbo Room
, a popular bar on the oceanfront that has been open since 1938!
Before investing in East Fort Lauderdale real estate, it is important to understand how the market will impact you as a buyer, seller, renter, or real estate investor.
In a seller's market, homes are selling faster
If you're looking for the best seller's experience
, East Fort Lauderdale is as good a place to start as any. Sellers of East Fort Lauderdale homes for sale should be pleased to hear that the median listing price
is on the rise after falling to $637,000 in March 2022, the lowest it had been in almost a year. The median price continues to remain higher than the peak of nearly $600,000 in October 2020 and June 2021. The area remains a seller's market, with more people seeking homes than there are homes available for sale.
At the same time, buyers also will be pleased to know that the median listing price has not yet returned to the heights of nearly $900,000 seen in the summer of 2021. In April 2022, for example, the median listing price was just shy of $700,000. Buyers should also be pleased to hear that there are far more homes available as of March-May 2022, with the number of homes for sale near the 1,600 mark, up from the 600s in autumn 2021. Ultimately, this means there are many more choices available for buyers to review as they seek the perfect property.
Both buyers and sellers of East Fort Lauderdale homes for sale should be excited that the median days on the market statistic has fallen to approximately 50 days as of February 2022 through May 2022, which is significantly better than the glacial average of nearly 350 days seen in November 2021. With a current median of 51 days, buyers and sellers can expect to close within two months after it is listed.
It's a hot market for rentals
Fort Lauderdale is relatively equally split between owner-occupied and rental properties (53% to 47%, respectively). As such, the area remains a great place for renters to find a temporary home. This dynamic also bodes well for real estate investors interested in purchasing property in order to generate rental income, since East Fort Lauderdale real estate ranging from studios to four-bedroom properties saw impressive increases in median monthly rent over May of last year.
There are currently very few studio properties available for rent
. As an alternative, real estate investors may be interested in purchasing East Fort Lauderdale real estate with rooms or units that can be adapted to this size. Moreover, the median rent for studios is currently $2,115, which is up 24% since this time last year, an increase of $415. Based on current rent levels, real estate investors can expect to earn (and renters can expect to spend) $25,380 on studio properties over the next year.
Here are breakdowns of the remaining rental property categories:
As of May 2022, there are approximately 200 one-bedroom rentals available in East Fort Lauderdale real estate. For these properties, the median
monthly rent as of May 2022 is currently $2,000, which is a 25% (or $400) increase over the median rent one year ago. At the current median rental amount, renters can expect to pay (and real estate investors can expect a profit of) $24,000 on one-bedroom properties over the course of one year.
East Fort Lauderdale real estate with two bedrooms saw a massive increase of 41% in median monthly rent compared to this time last year, which is a change of $874
! With the current median rent at $3,024, renters can expect an annual expense (and real estate investors can expect an annual profit of) $36,288 on two-bedroom properties. With fewer than 200 properties available for rent of this size, real estate investors should see East Fort Lauderdale homes for sale this size as a prime investment opportunity.
Properties with three bedrooms also saw a massive increase in monthly median rent compared to last year — an increase of $1,169, which equates to 39%
. With the monthly median rent at $4,132 and only about 100 rental properties available in this size as of May 2022, real estate investors should see East Fort Lauderdale homes for sale of this size as a fantastic investment. Based on the current median, renters can expect to pay (and real estate investors can expect a profit of) $49,584 for three-bedroom properties over the course of one year.
Most impressively, East Fort Lauderdale real estate with four bedrooms had the highest increase among all tracked property types, with a 209%
change! This increase equates to $6,173 above the median rent in May of 2022. With the current median at $9,123, real estate investors can expect $109,476 in rental income from four-bedroom properties over the next year. With approximately 70 properties of this size available for rent in May 2022, this is a great section of the market to buy as rental properties.
In summary, the East Fort Lauderdale real estate market is seeing significant increases in activity and prices, with more properties becoming available and median rental prices jumping significantly. This is a great time to buy as primary residences or as an investment in rental properties. To that end, if you're thinking of buying or selling East Fort Lauderdale homes for sale, it's important to consult with a real estate agent to receive the most up-to-date information on comparable sales and market trends for the type of property you desire. Contact Payne Real Estate Group
for assistance with the home buying or selling process.